Ireland Insurance Market Intelligence: 2011 Edition
The insurance industry of Ireland has shown consistent growth of 25.8% over the period of 2002-2007. However from the past two years, Irish insurance industry has registered downfall in its growth rate and the average annual growth rate of the industry has declined to 15.8% for the period of 2002-2009. Changing weather patterns have lead to severe flooding thus affecting the property market adversely. The non life insurance market sustained an underwriting loss in year 2009 for the first time since 2002, as the insurance industry was hit by both recession and extreme weather events. Positive factors which would support the growth of the industry in the near future are higher demand for automobiles, improving economic growth, demographic advantages, increased awareness towards health measures and an ageing population.
The insurance segment of Ireland is highly concentrated with 98.5% & 92.8% market occupied by top ten life and non life insurers respectively. The insurance density of Ireland is very high, but has declined in the past two years due to increase in claims. In addition the Irish insurance penetration rate recorded a varying ratio from 2002-2009. . The Irish insurance market has a matured set-up; nevertheless, there is evidence of underinsurance and non-insurance in certain segments of the domestic market.
The insurance segment of Ireland is highly concentrated with 98.5% & 92.8% market occupied by top ten life and non life insurers respectively. The insurance density of Ireland is very high, but has declined in the past two years due to increase in claims. In addition the Irish insurance penetration rate recorded a varying ratio from 2002-2009. . The Irish insurance market has a matured set-up; nevertheless, there is evidence of underinsurance and non-insurance in certain segments of the domestic market.
1. INDUSTRY SNAPSHOT
1.1 Industry Structure
1.1.1 Authorization of Irish Financial Services Regulatory Authority (IFSRA)
1.1.2 Wide range of insurance services offered
1.2 Market Overview
1.2.1 Market Size & Growth
1.2.1.1 Stagnant growth in overall insurance premiums in 2009
1.2.1.2 Higher claims due to weather related catastrophes
1.2.1.3 Lower long term investment returns
1.2.2 Market Segments
1.2.2.1 Life Insurance Segment Dominated by Individual Assurances & Pension Schemes
1.2.2.2 Household insurance as the worst-performing class
1.2.2.3 Expanding bancassurance services
1.2.2.4 Non-Life insurance dominated by motor and accident & health
1.2.3 Market Density & Penetration
1.2.3.1 Mature market with high insurance penetration ratio
1.2.4 Market Share
1.2.4.1 Highly concentrated nature of life insurance segment
1.2.4.2 Aviva dominated the non-life insurance segment
2. INDUSTRY ANALYSIS
2.1 Industry Developments
Acquisitions by RSA Insurance Ireland
Switching Gathers Momentum in Health Insurance Market
Incorporation of W.R. Berkley Insurance Ireland
2.2 Market Drivers
Grey evolution of Ireland
Growing Private Health Insurance Market
3. COUNTRY ANALYSIS: RISK ASSESSMENT
3.1 Political Environment
3.2 Macro-economic Indicators: Current and Projections
4. INDUSTRY OUTLOOK: FORECAST AND PROJECTIONS
4.1 Collapse of construction sector affected property insurance
4.2 Growth in health insurance business & improving economic growth driving insurance premiums
1.1 Industry Structure
1.1.1 Authorization of Irish Financial Services Regulatory Authority (IFSRA)
1.1.2 Wide range of insurance services offered
1.2 Market Overview
1.2.1 Market Size & Growth
1.2.1.1 Stagnant growth in overall insurance premiums in 2009
1.2.1.2 Higher claims due to weather related catastrophes
1.2.1.3 Lower long term investment returns
1.2.2 Market Segments
1.2.2.1 Life Insurance Segment Dominated by Individual Assurances & Pension Schemes
1.2.2.2 Household insurance as the worst-performing class
1.2.2.3 Expanding bancassurance services
1.2.2.4 Non-Life insurance dominated by motor and accident & health
1.2.3 Market Density & Penetration
1.2.3.1 Mature market with high insurance penetration ratio
1.2.4 Market Share
1.2.4.1 Highly concentrated nature of life insurance segment
1.2.4.2 Aviva dominated the non-life insurance segment
2. INDUSTRY ANALYSIS
2.1 Industry Developments
Acquisitions by RSA Insurance Ireland
Switching Gathers Momentum in Health Insurance Market
Incorporation of W.R. Berkley Insurance Ireland
2.2 Market Drivers
Grey evolution of Ireland
Growing Private Health Insurance Market
3. COUNTRY ANALYSIS: RISK ASSESSMENT
3.1 Political Environment
3.2 Macro-economic Indicators: Current and Projections
4. INDUSTRY OUTLOOK: FORECAST AND PROJECTIONS
4.1 Collapse of construction sector affected property insurance
4.2 Growth in health insurance business & improving economic growth driving insurance premiums
LIST OF CHARTS:
Annual Premium – Irish Insurance Industry: 2002-2009
Irish Insurance premium by segment – 2002-2009
Irish Insurance premium (%) by segment – 2009
Ireland Non Life Insurance share by segments, 2009
Ireland Life Insurance share by segments, 2009
Irish Insurance Density (US$): 2002 – 2009
Irish Insurance Penetration: 2002 – 2009
Irish Life insurance players market share (%), 2009
Irish Non Life insurance Players market share (%), 2009
Ireland Old Age Population, 2002-2014F
Forecast: Irish Insurance Industry: 2009A - 2013F
Irish Life & Non-Life Insurance Industry: 2009A - 2013F
Annual Premium – Irish Insurance Industry: 2002-2009
Irish Insurance premium by segment – 2002-2009
Irish Insurance premium (%) by segment – 2009
Ireland Non Life Insurance share by segments, 2009
Ireland Life Insurance share by segments, 2009
Irish Insurance Density (US$): 2002 – 2009
Irish Insurance Penetration: 2002 – 2009
Irish Life insurance players market share (%), 2009
Irish Non Life insurance Players market share (%), 2009
Ireland Old Age Population, 2002-2014F
Forecast: Irish Insurance Industry: 2009A - 2013F
Irish Life & Non-Life Insurance Industry: 2009A - 2013F
LIST OF TABLES:
Irish insurance density & Penetration compared to rest of the world: 2009
Private health insurance market growth in Ireland
Key Macroeconomic Indicators: (2009A – 2014F)
Irish insurance density & Penetration compared to rest of the world: 2009
Private health insurance market growth in Ireland
Key Macroeconomic Indicators: (2009A – 2014F)
